Recovery of liability
Sreenivasa Rao. S.
(Querist) 31 May 2013
This query is : Resolved
Dear Sir,
One of my friend is doing cement ad steel bussiness, he has given material to a contractor worth of Rs.27.00 Lacks having faith and confidence on him.The contractor has not paid the dues even after 6 months, now the contractor is a good poperty holder and he is intrested to do sale agreement one among the properties, but the doucment of the property are hypoticated for RS.15.00 Laks in one nationalize bank.He is defaulter in the bank in regard to repayments to the hypothicated property.
The contrator is suggesting my friend to clear the loan amount in the bank and release the documents and get it registered in my friends favor.What is the procedure to recover the amount due by the contractor, if we get registered the property by clearing the due amount in the bank can any other bank finance if the documents are registered in friends favor.
Is there any other alternative to recover the amount from the contrator.Only he has signed few promissory notes and a blank Rs.100/- stamp paper is available with my friend.
Rajendra K Goyal
(Expert) 31 May 2013
Your friend can approach same Bank or any other Bank for getting loan on the property. The new lender Bank would get the title deed scrutinized before sanctioning of the loan. In the Sale Deed fact of clearance of the Bank loan and other loan should be mentioned. The Loan sanctioning Bank will release the title deed in favor of the new lender on receipt of the cheque of outstanding. New Lender Bank will Mortgage the new title deeds.
ajay sethi
(Expert) 31 May 2013
what is the market value of property which is mortgaged to bank ? he has already taken bank loan of rs 15 lakhs against property .ask morrtgagor to obatin bank statement of total dues to the bank . obatin bank consent for sale of property to you subject to clearamnce of bank dues . engage a local lawyer .
R.K Nanda
(Expert) 31 May 2013
agree with experts.
